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This new version does not only remove the Facebook support from the Playstation Vita, but also fixes various amounts of exploits! The first thing that has been patched is the PSPemulator kernel mode exploit, which is required to successfully use an eCFW, such as ARK or TN-V. No kxploit, no eCFW.
Another thing that seems to be fixed is the Custom Bubble Method provided by our good friends Major Tom and Mr.gas, which provided us with fully customizeable Custom Bubbles for devices running firmware 3.55 or below.
It looks as if
Even though the new Firmware 3.57 has fixed Tom’s & Mr.gas’ Custom Bubbles, it did not fix Qwikrazor’s Custom Bubbles. While the kernel exploit has been fixed as well, it did not fix our old but trusty VHBL, which enables you to run various Homebrews and some Emulators on your PS Vita.
It looks as if VHBL wasn't patched though, as it doesn't rely on a PSP-side kernel mode exploit to function. So you're still good to go there.
So, as usual, DON'T UPDATE IF YOU WANT TO KEEP YOUR ECFW!
Source: The Zett (Wololo.net)
Source: The Zett (Wololo.net; regarding VHBL still working)